BANKRUPTCY LAW:

These are difficult times.  Divorce, job loss, identity theft, medical bills and disability are just a few common causes that put people in financial jeopardy.  We take the time to listen to you.  People are findng themselves buried in debt, often through no fault of their own, and are confused about the options available to them.

Each situation is different, but often a Chapter 7 or Chapter 13 petition can stop the creditors.  Every year, millions of Americans decide to file bankruptcy.  The majority turn to Chapter 7 bankruptcy to help eliminate their debts.  A chapter 7 is designed to wipe out unsecured debts like personal loans, payday loans, credit cards, and medical bills.

At Austin & Dick, Attorneys at Law, we offer FREE initial consultations so we can learn each client's unique situation and help find understandable and workable solutions.  Our expertise in these issues can help guide you through these difficult times, allowing you to see a way out of your financial problems.  We are skilled in handling these delicate situations and assure absolute confidentiality to every client we help.

Austin & Dick, Attorneys at Law, understands that bankruptcy is difficult emotionally, as well as financially, and strives to reach solutions that allow you to maintain your dignity during these hardships.

Chapter 7 is commonly used when:

• You have little property except for the basic necessities like furniture and clothing.
• You have little or no money left after paying basic expenses each month--or you're not even meeting basic expenses.

Advantages of Chapter 7:

• Most unsecured debts can be discharged (completely eliminated)
• The process moves quickly--you may receive your discharge in just a few months
• Creditors can't contact you while the automatic stay is in effect--or after debts are discharged.

Who can file under Chapter 7?

• Debtors who have qualified under the 'means test' and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy. 
  

CHAPTER 13 (Interest-Free Repayment Plan)

Chapter 13 is commonly used when:

• You have significant equity in a home or other property and you want to keep it.
• You have a regular income and can pay your living expenses, but you can't keep up the scheduled payments on your debts.

Advantages of Chapter 13:

• You can keep most of your property while spreading out time to pay past due accounts
• You'll have 3-5 years to catch up delinquent accounts according to a schedule that you and the bankruptcy trustee have agreed is workable for you.
• You'll make one monthly payment to the bankruptcy trustee for distribution--you'll have no direct contact with creditors during the protection period of 3-5 years.
• Co-signers may be protected.

Who can file under Chapter 13?

• Any individual debtor whose unsecured debts are below $360,475 and whose secured debts are less than $1,081,400.